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Malaysia Stocks: Ann Joo, KLCC Property, Scomi Group

Malaysia’s benchmark Kuala Lumpur Composite Index (FBMKLCI) lost 4.67, or 0.5 percent, to 1,018.35 at 10:15 a.m. local time, a third day of losses. May index futures slid 0.2 percent to 1,023.50.

Ann Joo Resources Bhd. (AJR) , Malaysia’s second-biggest steelmaker, rose 1 percent to 2 ringgit, set for the highest level since Oct. 13. Its stock rating was raised to “outperform” from “market perform” by RHB Research Institute Sdn., which said it expects improving demand and rising prices for steel products.

KLCC Property Holdings Bhd. (KLCC) , the owner of the Petronas Twin Towers and the Suria shopping mall in Kuala Lumpur, climbed 1.3 percent to 3.24 ringgit, headed for the highest level since April 15. Fiscal fourth-quarter profit rose 37 percent from a year earlier to 362.5 million ringgit ($103 million), boosted by a higher surplus after adjusting the fair value of its investment properties, the company said in a statement.

Scomi Group Bhd. (SGB) , an oil and gas engineering group, jumped 4.8 percent to 65 sen, set for the highest level since Aug. 29. Its unit Scomi Engineering Bhd. (SEB MK) is one step closer to getting a $2.4 billion contract to build a 59-kilometer (37 mile) monorail in Bangalore after an Indian state government approved its technical proposal for the project, the Edge Financial Daily reported. The next step would be to submit the financial plan to the state government of Karnataka, the newspaper said, citing Sumitra Iyengar, a spokesman at Geodesic Techniques Pvt, Scomi’s Indian partner for the project.

To contact the reporter on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net;

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